Investing.com - Oil prices were up 1% Thursday as the focus returned to the chances of an OPEC agreement to cut output.
U.S.crude was up 52 cents, or 1.14%, at $46.09 a barrel at 07:00 ET. Brent crude rose 1.37% to $47.27.
U.S. crude inventories jumped by 5.27 million barrels last week, according to data released by the U.S. Energy Information Administration on Wednesday.
This was well above analysts forecast for an increase of 1.5 million barrels.
The increase in stockpiles added to pressure on OPEC to reach an agreement on cutting oil output in order to support the market.